Are Analyst “Top Picks” Informative?
Justin Birru, Sinan Gokkaya, Xi Liu, and René M. Stulz
Forthcoming, The Review of Financial Studies

This folder contains the SAS code that generate all tables in our paper. Pseudo-data are provided to illustrate the format of the data.

Table 1 - Sample Statistics
Table 2 - Characteristics of Top Pick Stocks
Table 3 - Calendar-time portfolios: Top Picks vs. Buy Recommendations 
Table 4 - Calendar-Time Portfolios: Cost of Investment Delays   
Table 5 - Calendar-Time portfolios: Top Picks vs. Alternative Analyst Investment Strategies
Table 6 - Investment Value of Top Picks: Panel Regressions
Table 7 - Investment Value of Top Picks: Investment Banking Affiliation, Forecast Optimism, Analyst and Broker Characteristics
Table 8 - Institutional and Retail Investors’ Trading Behavior of Top Picks 
Table 9 - Institutional and Retail Trading Behavior of Top Picks and Investment Value of Top Picks 
